Sydney CBD car park up for sale for $495,000

Housing prices continue to dominate the spotlight, but brick-and-mortar homeowners aren't the only ones asking for crazy money, it appears.

Need proof? How about this Sydney parking spot, listed for a barely-believable – and potentially record-breaking – $495,000.

Located just minutes from the Opera House and Harbour Bridge on Shelley Street in Sydney, the parking spot is described on its listing as a "premium secure car space in the heart of the Sydney CBD".

The space is on its own title, which means it can be bought and sold separately to property in the building.

A car park spot is being offered for sale at $495,000. (Supplied)

"This car space represents an astute investment or the ultimate in convenience for the CBD-based professional," the listing argues.

Scarcity has driven parking prices skyward in Australia's capital cities of late. According to research from Colliers International and Parking & Traffic Consultants, Melbourne and Sydney have the worst ratio of car spaces to workers in the nation.

In the New South Wales capital, there are just 12.2 car spaces for every 100 workers, while the 14.2 parking spots per 100 workers in Melbourne isn't much better.

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The average single car park is worth around $70,000 in greater Sydney, but spaces in Potts Point and Kirribilli have shown just how much some people are willing to pay for convenient parking.

A 26-square-metre spot at the Chimes Building in Potts Point sold for $264,000 at auction in 2015, while a space less than half that size sold for $120,000 in Kirribilli just months before.

In 2016, a two-car space on Bond Street, Sydney, was listed for $400,000.

The car park is located on Shelley Street in the Sydney CBD. Picture: Google Maps (Supplied)

Convenience isn't the only driver behind purchasing a car space in a congested area like Melbourne or Sydney. They're often treated as investments by savvy buyers, who can charge upwards of $1000 per month for access.

"Not only do they have the potential to generate a surprisingly large rental income, but with an ever-decreasing number of car parks set to become available in future years, they could easily become highly sought-after pieces of real estate," says consumer research site finder.com.au.

"They’re also a relatively hands-off investment – once you have a suitable “tenant” in place you can just set and forget – unlike residential property, which requires ongoing management by you or a property agent."

A quick scan of Parkhound, a website dedicated to renting car spaces, shows spaces available for between $213 and $885 around the Melbourne CBD.

Financial comparison site Canstar says the average rental return on a space in Melbourne and Sydney is around eight per cent, although council or strata fees can eat into that.